Contract receivables, net consisted of the following:


	March 31, 2023			December 31, 2022
Billed and billable	$	227,589		$	238,449
Allowance for expected credit losses		(6,523	)		(6,112	)
Contract receivables, net	$	221,066		$	232,337

On December 23, 2022, the Company entered into a Master Receivables Purchase Agreement (the “MRPA”) with MUFG Bank, Ltd. (“MUFG”) for the sale from time to time of certain eligible billed receivables. The purchase price of each receivable is equal to the net invoice amount minus a specified discount. The receivables are sold without recourse and the Company does not retain any ongoing financial interest in the transferred receivables other than providing servicing activities. The Company accounts for the transfers as sales under ASC 860, Transfers and Servicing, derecognizes the receivables from its consolidated balance sheets at the date of the sale, and includes the cash received from MUFG as part of cash flows from operating activities on its consolidated statement of cash flows.

During the three months ended March 31, 2023, the Company sold $28.6 million in billed receivables to MUFG. At March 31, 2023 and December 31, 2022, the Company had $13.2 million and $6.2 million, respectively, in cash collections from previously sold invoices to be remitted to MUFG which is included as part of “accrued expenses and other current liabilities” on the consolidated balance sheets.